If your business operates in multiple currencies, then you will know the importance of keeping up to date with the value of your foreign currency accounts and understand your overall cash position.
This facility enables customers to borrow in sterling, euro and/or US dollars within agreed limits as and when required. Customers can view and access funds across their participating accounts, within their Cross Currency Overdraft structure, via online banking.
Santander’s Cross Currency Overdraft converts each participating current account balance – whether cash-positive or in overdraft – into a notional sterling balance. These balances are then added together to give an aggregate net balance figure, referencing the agreed sterling overdraft limit within the payment process.
Cross Currency Overdraft does not stop or prevent customers undertaking spot or forward rate exchange contracts, but provides greater flexibility in managing currency hedging activity.
N.B. For the avoidance of doubt Cross Currency Overdraft does not provide interest set-off, however Commercial Notional Pooling does and could provide an alternative solution. Applications are subject to status and overdraft facility terms and conditions. The right to decline any application is reserved.